6 June 2024

Energy Minister Pirapan Salirathavibhaga said today that the retail oil price structure, which has been in force for about three decades, needs to be overhauled because it is unfair to consumers.

He pointed out that pump prices for several oil products have been on the rise in the past few days, after the Energy Ministry announced price cuts on November 7th, such as 80 satang per litre on E20 and E85 fuel, 2.50 baht/litre on gasohol 91 and 1 baht/lire on gasohol 95.

He said that oil traders keep adjusting pump prices, in tandem with global crude oil prices, on almost daily basis, making it difficult for the state to control the prices and adding to the financial burden on consumers.

“Oil prices are not like share prices which fluctuate every minute. Likewise, global energy prices fluctuate in accordance with global situations,” said Pirapan, adding that the fluctuation of global prices should be a matter between the state and oil traders.

He said that domestic oil prices should be more stable and consumers should not be made to confront daily price fluctuations. So, there is a need for the oil price structure to be reconsidered and overhauled.

While admitting that changing the structure may not be an easy task, he said that, in his capacity as energy minister, he cannot sit idly by and has to do something.